The first phase of Visa Industries' integrated and stainless steel project in Orissa has achieved financial closure.
The integrated and stainless steel project of one
million tpa capacity is coming up at Kalinganagar industrial complex near Duburi
in Jajpur district.
The first phase, entailing an investment of
Rs.124 crore, being part financed through a term loan of Rs.80 crore from State
Bank of India. The loan carries an interest rate of 10 per cent. The remaining
Rs.44 crore is being infused by the promoters as equity.
The first phase of the project envisages the
installation of a 250-cubic metres blast furnace to produce 225,000 tpa of pig
iron, a five MW heat recovery plant and a 0.5 million tpa iron ore crushing and
screening plant.